Help us Create and Deliver Financial Literacy Tool-kits for Rebuilding Small Businesses

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Meet our client, Stella.

Stella designs and sells toys in Brooklyn. Before the pandemic, her revenues were good, she made decent profits. But the lockdown changed everything. Her store was closed. Her business revenues were low. She used most of her savings to pay her store’s rent.

Like the majority of minority and women-owned businesses, she too had failed to receive the Payment Protection Program (PPP) loan through a mainstream bank or credit union in the first round. When the government announced the second round of disaster-related funding, she called us for technical assistance support. We walked her through the application process, and she managed to receive a $12,000 PPP loan. We provided technical assistance support to so many women like Stella. In total, the women we have assisted so far have secured close to 2 million PPP and EIDL loans.

Nonetheless, that experience made us witness the gender funding gap. First, nearly a quarter of our clients that needed funding critical to stay open never even had a shot at a PPP loan. Our clients were not discriminated against during the application process. They were, however, passed over in several significant ways throughout the process that left them unable to take full advantage of the PPP. Second, we observed that women small business owners were not financially savvy, raising concerns over the level of financial literacy. We noted that women-owned businesses asked for and received less money. Many did not understand the eligibility criteria for the loan. Many were scared of being rejected due to lack of paperwork.

The PPP loan process was just one of many examples of the gender funding gap. In the post-COVID-19 economy, our market niche, women from urban communities, continues to have a high need for access to credit and business services to rebuild their businesses. Yet, women continue to face obstacles that prevent them from getting business loans and reaching their full entrepreneurial potential.

In February 2021, we launched an initiative (we call it "Coffee & Conversation") with a simple objective - "Get women entrepreneurs ready with the required financial reports and business plan so they can access the credit."

Twice a month, a small group of women entrepreneurs and thought leaders meet in a virtual platform for a candid 60-minute group conversation around a central topic related to financial literacy, business development, accessing loans, digital marketing and more.

We need volunteers in two areas:

1)Expertise - One who can facilitate and lead the discussion in one or more of the topics below.

2) Designers- Who can help us finalize the content by editing and designing each toolkit using PowerPoint or CANVA software. We plan to make our toolkits available on our website.

Some of our most-preferred topics based on our in-house survey are

• Managing Cash Flows and Preparing Financial Statements
• Sales Forecasting and Budgeting
• Pricing Strategies for a Strong Bottomline
• Agility for Small Businesses and Pivoting
• Business Continuity and Disaster Planning
• Risk Management and Business Insurance
• Investment Strategies
• Digital Marketing
• Technology in Small Businesses